National home price growth picked up in February | Latest PropTrack Home Price Index

Key takeaways

National home prices increased 0.5% in February, taking the national median home value to $897,000. Prices are now 9.1% higher than a year ago, adding around $90,000 to the value of the median home.

Capital city prices rose 0.5% in February, lifting the median home value in the capitals over $1,000,000 for the first time.

Hobart was the strongest performing capital in February (+1.0%), followed by Brisbane (+0.7%) and Adelaide (+0.7%).

Perth was the fastest growing capital in the past (+19.5%), followed by Darwin (+16.2%), Brisbane (+15.9%) and Adelaide (+14.8%).

Across the capital cities, annual growth for houses and units remains similar. However, momentum is shifting, with units outpacing houses over the past quarter. This suggests demand may be shifting toward more affordable stock as borrowing capacity remains constrained.

Regional prices climbed 0.6% in February and were up 10.5% year-on-year. Regional growth has outpaced the capitals over the past year (10.5% vs 8.6%) and five years (59% vs 41%), supported by relative affordability and lifestyle appeal.

National home price growth picked up in February, consistent with the seasonal lift in housing market activity after the holidays, according to PropTrack.

The report shows that prices lifted across every capital city, while nationally values are now 9.1% higher than a year ago.

The national increase marks the fastest annual pace of growth since June 2022.

Eleanor Creagh, Senior Economist at PropTrack said:

"The strongest conditions remain concentrated in markets where buyer demand is facing into tight supply, particularly Perth, Darwin, Brisbane and Adelaide.

Notably, Hobart has reaccelerated, recording the strongest monthly gain in February with total stock on market down about 30% over the past year."

Across the capital cities, annual growth for houses and units remains similar.

However, momentum is shifting, with units outpacing houses over the past quarter. This suggests demand may be shifting toward more affordable stock as borrowing capacity remains constrained.

According to Creagh,

"The Reserve Bank’s February rate rise will weigh on borrowing capacity at the margin, but tight labour market conditions, population inflows, investor activity and the expanded Home Guarantee Scheme have reinforced demand, with limited new housing supply providing a floor under prices."

These factors point to further price gains, though the period ahead is likely to see slower, more uneven growth as affordability constraints and future rate rises slow growth throughout 2026.

Regional prices climbed 0.6% in February and were up 10.5% year-on-year.

Regional growth has outpaced the capitals over the past year (10.5% vs 8.6%) and five years (59% vs 41%), supported by relative affordability and lifestyle appeal according to Proptrack.

About Brett Warren Brett Warren is National Director of Metropole Properties ensuring we deliver the highest quality strategic advice to our clients and help them buy A-grade homes or investment-grade properties. Brett is a successful property investor and after many years with Metropole is still passionate about getting the best results for his clients as he has always been.